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Mitchell, Arthur "Symposium on Building the Financial System of the 21st Century" [2003] ADBLPRes 8 (5 October 2003)

Symposium on Building the Financial System of the 21st Century

Remarks
of
Arthur M. Mitchell
General Counsel
Asian Development Bank

An Agenda for Japan and the United States

October 3 Ė 5, 2003
  1. Introduction
  2. Assessing the Big Bang Reforms
  3. A free financial market is one in which the government does not unreasonably interfere with investment decisions while at the same time regulating financial performance in the interest of the public.
  4. A fair financial system is one in which all players who are similarly situated are basically treated in the same way under similar circumstances. This is related to the access issue mentioned earlier, particularly foreign financial institutions seeking licenses or to acquire existing firms.
  5. But is it global? I think that the answer is no.
  6. Architecture of the 21st Century

    The entire world trading and financial system is now inter-connected. Massive market failure in one part has negative impacts on the rest, as the 1997 Asian Financial Crisis and the Enron and other American corporate scandals have amply shown. The focus of future discussions at the symposium must be on the steps that are necessary to promote new business formation and reduce risk both in the bilateral US/Japan context and as part of the global financial architecture.

    Thank you.


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